Caledonia Min Regulatory News (CMCL)

Caledonia Mining Corporation Plc

(NYSE American: CMCL; AIM: CMCL; TSX: CAL)

Exercise of share options

St Helier, June 3, 2020: Caledonia Mining Corporation Plc ("Caledonia" or the "Company") announces that it has issued and allotted 2,500 common shares of no par value each in the Company pursuant to the exercise of share options (the "Option Shares").

Application will be made by Caledonia for the Option Shares to be admitted in the form of depositary interests to trading on AIM and it is anticipated that trading in such securities will commence on June 8, 2020.

Following issue of the Option Shares, the Company has a total number of shares in issue of 11,518,360 common shares of no par value each. Caledonia has no shares in treasury; therefore, this figure may be used by holders as the denominator for the calculations by which they determine if they are required to notify their interest in, or a change to their interest in, the Company.

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